May 5, 2024
ATLANTA (AP) — Georgia's jobless rate got a little higher in May, but still stayed at a historically low level as the number of people on employer payrolls set another new record.
The state's unemployment rate rose to 3.2% in May after nine months in a row at 3.1%. That's also up from an all-time low of 2.9% in May of 2022.
But the slight uptick doesn't obscure the strength of Georgia's labor market. May was the 20th straight month that Georgia recorded an unemployment rate below 3.5%. That only happened in five months between 1976 and September 2021.
The number of people seeking and reporting jobs both rose in May to new records, but the number of job seekers rose faster, pushing the number of unemployed Georgians close to 170,000. That accounted for the rise in the unemployment rate.
The number of workers on Georgia employer payrolls — the top labor market measure for many economists — is measured by a separate survey. Payrolls rose by nearly 15,000 from April to May, reaching 4.91 million. That's about 118,000 more than in May 2022, and setting a new all-time high for the seventh straight month.
The state released the figures Thursday. They are adjusted to cancel out typical seasonal fluctuations.
The nationwide unemployment rate rose to 3.7% in May from 3.4% in March. The national jobless rate was 3.6% a year ago.
About 6,700 Georgia workers filed for new unemployment benefits in the week that ended June 10.
The overall number of people collecting state unemployment was about 34,000 in the week that ended June 3.
